Big Banks, Flooded in Profits, Fear Flurry of New Safeguards

The nation’s six largest banks reported $23 billion in profits in the second quarter, but they could end up victims of their own success.

In recent weeks, the Treasury Department, senior regulators and members of Congress have stepped up efforts intended to make the largest banks safer. The banks have warned that more regulation could undermine their ability to compete and curtail the amount of money they have to lend, but the strong earnings that came out over the last week could undercut their argument.

The most pressing concern for banks is a relatively tough new rule that regulators proposed last week that could force banks to build up more capital, the financial buffer they maintain to absorb losses. But the banks did not demonstrate any difficulty in meeting the proposed rules, and the banks now appear to have fewer allies in Washington than at any time since the financial crisis.

This was highlighted on Wednesday when the Treasury secretary, Jacob J. Lew, effectively issued an ultimatum to Wall Street, calling for the swift adoption of rules introduced through the Dodd-Frank financial overhaul law, which Congress passed in 2010. Mr. Lew also said that he might be open to stricter measures if enough had not been done to remove the threat that big banks can pose to the wider economy.

“If we get to the end of this year, and cannot, with an honest, straight face, say that we’ve ended ‘too big to fail,’ we’re going to have to look at other options because the policy of Dodd-Frank and the policy of the administration is to end ‘too big to fail,’ ” Mr. Lew said.

“This is maybe the strongest admission I’ve heard from the administration that we must act further to end ‘too big to fail,’ ” Senator David Vitter, Republican of Louisiana, said in a statement. Along with Senator Sherrod Brown, Democrat of Ohio, Senator Vitter introduced a bill earlier this year that would sharply increase capital levels at the biggest banks. In Congress on Thursday, Ben S. Bernanke, the Federal Reserve chairman, echoed Mr. Lew’s remarks. He said that if the measures already planned did not remove the risks posed by large banks, “additional steps would be appropriate.”

 

READ MORE: http://finance.yahoo.com/news/big-banks-flooded-profits-fear-012113498.html

CUs Overwhelmingly Preferred By Financially Savvy Consumers, Poll Shows

Financially savvy consumers overwhelmingly choose credit unions as their preferred institutions, says a new GoBankingRates.com poll, and that is no surprise, says Paul Gentile, Credit Union National Association executive vice president of strategic communications and engagement.

"For users of financial services, it's all about trust--and the credit union model, as a cooperative operating on a not-for-profit basis with no shareholders--engenders the trust among consumers and small business customers," he told GoBankingRates.com (July 17).

Among those polled on the GoBankingRates site and its partner sites--US News, Boston.com, AL.com and The City Wire-- more than 73.76% of poll respondents choose credit unions as their preferred institutions. Local community banks distantly followed, being preferred by 14.18%, national banks by 9.93%, and other institutions by 2.13%.

The publication also featured an explanation by Andrew Schrage, personal finance journalist and co-owner of blog Money Crashers Personal Finance, who noted he used to have an account at a national financial institution but pulled it when he ran into bad customer service.  Like 2.2 million other banking customers since 2011, he moved his money to a credit union.

 

http://www.cuna.org/Stay-Informed/News-Now/CU-System/CUs-Overwhelmingly-Preferred-By-Financially-Savvy-Consumers,-Poll-Shows/

Old-Fashioned Saving Tricks That Still Work

The old adage "a penny saved is a penny earned" calls to mind a time when cash truly was king, when pennies had purchasing power and savings were stored in boxes under beds.

But in today's more sophisticated world of apps, points and credit, maintaining a connection to pennies earned -- and other old-school approaches to spending and saving -- might not be such a bad idea.

Here are some ways to reintroduce some of those old-fashioned money management techniques into your financial repertoire. While no one would recommend stashing savings under a mattress or issuing I.O.U.s for groceries, adopting some tried-and-true tactics for financial management might be just the ticket to thriving in the modern world.

http://www.dailyfinance.com/2013/04/16/old-fashioned-money-saving-tricks/

Questions to Ask Before Taking Out a Home Equity Loan

Borrowing money against a home isn’t as simple as applying for a new credit card. Not only do homeowners have to understand the differences between a home equity loan and line of credit, they must also calculate the costs that come with taking equity out of what’s probably their biggest asset.

“It’s incredibly important before you take on any form of credit--including a home equity line of credit—that you assess your overall assets and credit picture,” says Adam Nash, COO of software-based financial advisement company Wealthfront. “Before approaching a home equity line of credit or loan, you have to ask yourself: is now the right time to take on more debt?”
During the heady days of the most recent real estate boom, people were using their homes as a piggy bank--drawing against the equity to fund vacations, make big-ticket purchases, take out other loans, or for debt consolidation. This strategy seemed to be working until home prices tanked, leaving many people with home equity loans or lines of credit they couldn’t afford to pay back.

Read more: http://www.foxbusiness.com/personal-finance/2013/07/17/questions-to-ask-before-taking-out-home-equity-loan/#ixzz2ZQIxFCrW

4 Apps to Help Build Up Your Savings Account


Spending less and saving more is easier said than done. But consumers can get a little help bulking up their savings accounts with these apps that make debt reduction, wealth building and even filing expense reports a lot easier.

http://www.foxbusiness.com/personal-finance/2013/06/20/4-apps-to-help-build-up-your-savings-account/

 

Gordon Gekko Lives: New Evidence That Greed Is Rampant on Wall Street

One in four bankers would cheat to make $10 million. This is one of many unsettling findings in a new survey of Wall Streeters. As always, you're on your own out there.

A trader looks up at a chart on his computer screen while working on the floor of the New York Stock Exchange shortly after the market opening in New York July 11, 2013

I was a young reporter working for USA Today the first time I heard the term “self -police” in the same breath as “Wall Street.” That was 1986. I may have been new to high finance, but even then with so much money in play the concept seemed comical. It’s no less hilarious today, as a new survey makes plain.
The late ‘80s were rife with financial scandal. Self police? Some guy named Milken was luring investors into his junk-bond deals with questionable tactics and thought to be raking in as much as $50 million a year for himself. This was astronomical compensation in the day, and to avoid later embarrassment we on the beat cut the figure in half before reporting the rumor. It turned out adjustments were warranted, only the other direction. Milken made a staggering $550 million one year—otherworldly even by today’s standards.
Back then Ivan Boesky would exchange suitcases of cash for stock-moving information, and as his intricate web of illegal white-collar activity eventually came to light, so did at least one contemplated murder and other silver-spooned fears of being whacked. Yet that wasn’t the kind of policing bankers feared most.

Read more:  http://business.time.com/2013/07/17/gordon-gekko-lives-new-evidence-that-greed-is-rampant-on-wall-street/#ixzz2ZQIfzMsc

14 Ways Retirees are Making Money

If you're like many retirees, you could use a little extra money to get by, beyond your retirement savings and Social Security. Or maybe you're just looking for ways to stay busy and to make a bit of extra cash in the process. Either way, these 14 options are a great way to earn some money while doing something you enjoy:

VIEW GALLERY:  http://www.dailyfinance.com/2013/06/29/ways-to-make-money-retirement/?ncid=widgusdail00000001

Bank on it: Taxing credit unions would hurt all
(Opinion - By Patricia Wesenberg)

As tax reform picks up speed in Congress, special-interest groups are storming Capitol Hill to ensure they get favorable tax treatment.

Fortunately, some groups — including credit unions — are looking out for the interests of hardworking Americans in this tax reform debate.

For years, big banks have been trying to saddle their nonprofit credit-union competitors with new taxes. They see a congressional tax reform push as their best chance to sneak such taxes in.

Consumers should hope that the big banks don’t succeed. New taxes on credit unions would pick the pockets not just of their 96 million predominantly middle-class customers, but those of all Americans — by reducing competition in the financial services sector.

Credit unions and banks offer many of the same services, such as checking accounts, savings accounts and home mortgages. But they couldn’t be more different in philosophy and structure.

As nonprofit financial cooperatives, credit unions exist to benefit their member-owners. They do so by charging low or no fees and offering higher interest rates on savings and lower rates on loans. They’ve advanced that mission since the 1930s, when Congress authorized their creation and granted them nonprofit status.

Banks, in contrast, are obligated to maximize profits for shareholders. And profitable they are, with some of the highest margins of any industry.

Today, roughly 40 percent of Americans belong to credit unions. They’ve proved to be especially valuable for middle-class families, small-business owners, low-income seniors and others looking to avoid the fees that have proliferated at banks.

The majority of credit unions don’t have minimum balance requirements. Nearly three-quarters of credit unions offer free checking, compared with just 39 percent of banks. Competitive pressure from credit unions has no doubt forced many banks to rethink their fees — or eliminate them altogether.

 

READ MORE: http://blog.nj.com/njv_guest_blog/2013/07/bank_on_it_taxing_credit_union.html

Soak Up Sizzling Beach Bargains This Summer

Beach outings go hand-in-hand with summer, but concession stands and potential entrance fees can make day trips add up. Here's how to save money while you hit the sand.

Instead of paying for a locker, store your personal items in empty snack containers to keep them sand-free. If you want a more waterproof option for keys, cash and credit cards, use an old Thermos. This will also disguise valuables from thieves.

For a quick and easy beach bag, use an old scarf. Simply place your belongings in the center and tie the corners together. You'll have a cute carryall in seconds, and can use the scarf in various ways while you're soaking up the sun.

To save money on snacks, freeze chunks of fruit the night before you leave and pack them in a small cooler along with bottles of water. The fruit will keep your bottles cold, and you'll have a a few healthy treats to keep you cool throughout the day.

Before you head to the shore, use these tips to save on food, refreshments and more. You'll be able to enjoy some rays, and keep your wallet full on a hot summer day.
 

READ MORE:  http://www.dailyfinance.com/2013/07/02/save-at-the-beach-savings-experiment/?ncid=widgusport00000003

How To Pay Off Student Loans When You Have No Money, No Job, And Nowhere Else To Turn

Faced with a $1 trillion student debt hole and college graduates entering the job market already $27,000 in the red, lawmakers are butting heads over the right way to give borrowers some much-needed relief.
But for anyone out there who is struggling to make payments on their loans today, chances are that help will be too little, too late.
Maybe you're out of a job, aren't earning enough, or simply don't know where to begin. What do you do if you can't pay back your loans?


If You're Not In Default Yet, But You're Struggling To Make Payments ...


First things first –– tell your lender.

As much as we love to hate them, lenders are not always the enemy. They can help you, but only if you are communicative and tell them from the get-go that you're going to have trouble meeting the terms of your loan repayment plan.
The worst thing you can do is throw your hands in the air and see what happens.
The longer you ignore student debt, the worse your life will be, plain and simple. Debt collectors have only gotten more aggressive since the recession, and on top of harassing phone calls, your credit will get dragged through the mud.
Not sure who your lender is? Search for them here: www.nslds.ed.gov


Read more: http://www.businessinsider.com/what-if-you-cant-repay-student-loans-2013-6#ixzz2YUKQOPeO

How to Manage Multiple Sources of Debt
As young adults struggle to get out from student loan debt, which averages a whopping $26,000 per student, according to The Project on Student Debt, they’re shying away from taking on other forms of debt.

A recent study released by the Federal Reserve Bank of New York found that college graduates are now less likely to take on a mortgage or even an auto loan by the age of 30—reversing a historic trend of home ownership.
But what do you do if you are already shelling out monthly student loan payments but also want to buy a house or car? Taking on multiple types of debt is a balancing act and it can be easy to get financially overwhelmed.
The first thing you should do when thinking about taking out another loan is to determine your total monthly payments for current outstanding debt and the amount you’re looking to borrow. Then, figure what percentage of your monthly income would go towards paying off that debt.
“We recommend that no more than 30% of your take-home pay go toward housing costs [like a mortgage, taxes, and insurance] and no more than 20% of your pay go toward servicing other debt [such as a car loan or credit cards],” says Gail Cunningham, vice president of membership and public relations for the non-profit National Foundation for Credit Counseling.
Exceed these percentages, and you could find yourself burdened with a crippling amount of debt. “Make sure that the additional debt is absolutely necessary,” Cunningham stresses.
Before taking out a loan, experts suggest having a repayment plan in place.
Everyone’s pay-back strategy is different, so find one that best fits your financial needs and lifestyle to make the plan sustainable.
Some borrowers find that it’s motivating to pay extra towards the smallest loan in order to quickly eliminate it. For example, if you have a car loan that has an outstanding balance of $5,000, and you also owe $27,500 for a student loan, pay extra each month on the auto loan to rid yourself of it as soon as possible.
But if paying the least amount of interest over time is the most important thing, focus on paying off the loan or credit card with the highest interest rate first while meeting the minimum obligations on the others.
If you already have an auto loan or credit cards, before taking on additional debt, you may want to consider refinancing the loan or getting a lower interest rate balance transfer credit card. For example, if you took out an auto loan when rates were higher, refinancing it at a lower rate may make sense depending on the balance and time remaining.

Read more: http://www.foxbusiness.com/personal-finance/2013/05/23/how-to-manage-multiple-sources-debt/#ixzz2YUInj9Wj

Student loan debt inhibits some from buying homes, starting families
For many 20- and 30-somethings, paying off the cost of college takes priority. Marriage, a house and family will have to wait.
    -It's the biggest problem for those whose debt load exceeds their annual salary
    -Average student loan debt has soared to $27,500

What's holding them all back: tens of thousands of dollars in student loan debt. Like countless Millennials across the country, they find themselves tethered to that debt load, stuck between the desire to become fully independent adults and not being able to afford the financial and cultural milestones traditionally associated with young adulthood.
Rising tuition costs and an anemic job market are feeding this vicious cycle, as a generation with more student loan debt than any other is struggling to find its economic footing.
This confluence of economic trends makes Congress' impending decision on student loan rates all the more critical for today's college students. New federal student loan borrowers may see their interest rates double unless lawmakers strike a deal to extend a 2007 law that cut the rates.

READ MORE:

http://www.usatoday.com/story/money/personalfinance/2013/06/30/student-loan-debt-economic-effects/2388189/

Six Ways Successful People Stretch Their Comfort Zones

Truly great entrepreneurs aren't satisfied with comfort. Pushing their own limits is how they get to greatness.

Everyone has a so-called “comfort zone.” You know what I’m talking about: that mental space you live in where there are boundaries and you feel a sense of emotional security with your work and your decision making.

What distinguishes successful people from everyone else is what they do with their comfort zone. There are those who are perfectly happy staying warm and cozy in this safe box they’ve built; and then are those who constantly push and test the limits.

You already know which person goes on to be a successful entrepreneur.

Now I’m not suggesting that the comfort zone is a bad thing. It’s there for a reason: to protect us. Otherwise we all may be jumping off cliffs and out of airplanes. It also protects us from taking on more stress and anxiety than we are equipped to deal with. But eventually the familiar routine of your comfort zone will keep you from learning, and experiencing new things that are potentially good for us. It is also likely to prevent you from building a thriving business.

 So how do you know when your comfort zone is holding you back? Here are a few things you may notice:

    Excessive stress

    Boredom

    Self-criticism

    Envy

    Anxiety about your situation

    Excuses–lots of them!

    A stagnant, or failing, business

 Any of those sound familiar? It’s time for a stretch. Try these baby steps and watch your world grow.

Read more: http://business.time.com/2013/06/26/6-ways-successful-people-stretch-their-comfort-zones/#ixzz2XRNj9g2e

Get your kids ready for school this summer!

Kids aren't getting much in the way of financial education at school, and if parents don't step up,

According to a white paper put together by the Consumer Financial Protection Bureau, just 22 states require high school students to complete an economics course before graduation, and just 13 require any kind of personal finance schooling. That's leaving a lot of kids unprepared to make basic financial decisions when they reach adulthood.

"We have not taken a position on whether [personal finances courses] should be mandatory, but we know teachers think it should be taught in schools," says Gail Hillebrand, the CFPB's director of consumer education and engagement.

But even if it became a mandatory high school class across the country, it still wouldn't be enough -- Hillebrand says that starting personal finance education in high school is too late. So with summer upon us, we suggest parents of tweens and teens take the reins and start teaching their kids about money.

READ MORE: 
they're going to get even less in the summer.

 http://www.dailyfinance.com/on/teach-kids-about-money-back-to-school-shopping/

Pay Yourself First

15 Tips to Pump Up Your Too-Small Emergency Fund

To dig in and build your emergency fund, you need to address both your income and expenses.

To increase your income, consider some of these tried-and-true or off-the-wall ideas:

Adjust your withholding. If you regularly get a hefty refund from the IRS, you may want to adjust your withholding to put you closer to the break-even point on your tax bill. You can divert the extra income directly to savings.

Pay yourself first. Set up an automatic transfer from your paycheck into your savings account every week or every month and you'll be less likely to notice the missing cash.
(did we mention your Credit Union can help?)

Get a temp or part-time job. It's the most straightforward way to bring home some extra cash.

Offer your services to parents or pet owners. Responsible, reliable babysitters, pet sitters, and house sitters are hot commodities in many areas.

Sell your stuff on Craigslist or at a yard sale. If you've got clothes, computer equipment, musical instruments, or just about anything that you're never going to use again, you can usually find a buyer.

 

READ MORE: http://www.dailyfinance.com/2013/06/24/emergency-fund-savings-tips/

Don't Tax My Credit Union

“Don’t Tax My Credit Union” is a national campaign dedicated to ensuring Congress doesn’t raise taxes on 96 million credit union members nationwide and preserves financial choice for American consumers. Join us today to share your story and tell Congress: Don’t Tax My Credit Union!

READ MORE:  http://www.donttaxmycreditunion.org/

News From Kirby Kangaroo

Hey Kids! Want to win $$ this summer?  Check out this link from Kirby Kangaroo! And don’t forget – get the free Kirby Kangaroo Game on your smart phone!  Just in time for summer!

READ MORE: http://www.kirbykangaroo.com/stories.php?PHPSESSID=daf9ab24e5ac699e9d53720dff801462#YouCanWin

Ten Ways to get ahead of the game this Summer!

Summer doesn’t need to be a write-off. Here are 10 ways you can use those months to get ahead of the game:

1. Conduct your personal annual review.

There’s something seemingly magical about the calendar year end that has us all trapped in its spell. We see the turn of the year as a time for reflection and a time to plan the year ahead. But the reality is, the calendar year-end is an entirely mechanistic construction.

An annual review (looking back at what you learned, what you achieved, what you missed out on, and rearranging priorities for the incoming year) is an incredibly useful exercise, but there’s absolutely no reason your need to conduct it in the middle of a much-needed holiday, and during what is a busy time for all of us.

Do what I do. Move your personal annual review to the summer. You still get to review the entire previous year, but you also get to do it in a much less frenzied state, and with much more likelihood that you will actually implement the lessons you learn (remember all those never-happened new years’ resolutions?).

2. Read.

Most of us read less than we ought to. Time constraints notwithstanding, there’s something about cracking open the spine of a book (or double-clicking on an ebook file) that sparks low-level guilt pangs in many leaders. The sense that there must be something more important, or urgent, to do robs us of the opportunity to learn from others.

Read more: http://business.time.com/2013/07/02/10-ways-to-be-productive-in-the-summer/#ixzz2XzRdH4XP

Odd Jobs: 10 careers you didn't know existed                                                                  

 

These ten unusual careers will make people ask, "Wait, you do what?"

1. Pet psychologist. "Hey, puppy, what do you see in this ink blot?" Even little Rufus can have mental-health problems, so pet psychologists assess disorders, prescribe meds, and help with behavioral therapy.
2. The nose. Those with a strong olfactory sense are trained to recognize and concoct perfumes from up to 2,000 smells.
3. Forensic accountant. In what has to be more exciting than tax season, forensic accountants investigate and analyze financial evidence for legal proceedings and trials. They may also testify in court as expert witnesses.
4. Fashion-trend forecaster. Cloudy with a chance of hot pants? Fashion forecasters use their instincts and keen observations of society to advise designers, manufacturers and retailers on trends and products that could be the next big thing.

READ MORE!

Unordinary Fundraisers: 10 ideas to shake up your money-making activities

                                                                           

There's a new fundraiser on the block. 10 of them, actually.

If you have to suffer through one more car wash, you'll scream. We know. We've been there.

These fundraising ideas can get you out of that rut.

What the flock?

Make an investment in cheap plastic flamingos from Oriental Trading and you're in business. Spread around flyers: for only $15, students will pepper your friend's yard with a flock of flamingos. It's a highly visible prank that can spread like wildfire. 
Run away to the carnival
Set up a carnival with multiple games and prizes for the whole community. Sell tickets for face painting, goldfish tosses, cake walks, and any other mini-game you can think of.
Fill-in-the-idol
Host your own talent show. Choose three judges from the community, provide prizes, and sell tickets to the event.

READ MORE

Hire Me!: Real stories of landing a steady paycheck

                                                              

Odds are that at some point in life you'll find yourself laying out a résumé, drafting a cover letter, and begging people to speak highly of you on a reference phone call. The question is, how will you--one of 155 million Americans in the labor force--differentiate yourself and get a job?

The answer isn't clear-cut. I got my first real job--working at a lumber yard during college--after I'd turned in more than 50 résumés all over town. I just happened to stop by right when they needed to hire, and knew an employee that worked there who put my résumé on top of the pile. When I turned up for the interview looking like the clean-cut 18-year-old I was--not like the rest of the "interesting characters" with spotty employment histories who also applied--I got the job. Luck, and a little professionalism.

My first post-college writing job came after the magazine publisher met my wife at her work, found out I was studying journalism in college, and told me to apply for the open editorial intern position. My cover letter and writing samples were good enough to get an interview, and according to my boss, my energy in the interview sealed the deal. Luck and skills.
READ MORE CLICK HERE

Reinventing The Sack Lunch: Pack a lunch that makes your friends jealous

                                                              

Lunch may be your favorite subject, but it's probably not because of the food. Most people throw a sandwich together five minutes before they leave home and are surprised when they're disappointed come noon. It doesn't have to be that way. With a little extra planning, your lunch can be something to look forward to.
A good lunch should:

• have variety. The best way to liven things up is to bring little portions of lots of foods. Try to have different textures, colors and flavors. A fickle appetite can change its mind quickly, so the more options the better. As a plus, if you end up not wanting something, you can always trade.
• be made the night before. It's hard enough to stomach breakfast early in the morning, so how can you think about lunch? Give your half-asleep brain a break and make it when you're completely conscious.
• have a nice home. The time for superhero lunch boxes may be over, but brown bags are meant to cover up ugliness. Let your lunch shine with an insulated box or bag. It will keep food cool longer, it won't disintegrate in the rain, and it's harder to mutilate inside a backpack.

These improvements may cost a little more than the average sack lunch, but they're still cheaper than eating out. Having trouble convincing your parents--or yourself--that it's worth it? Imagine having a lunch you'll actually eat, and moreover, enjoy.

BENTO.....

 

READ THE REST CLICK HERE

FREE GAME APP from KIRBY KANGAROO!

Just for the Kids ..... or maybe the kid in all of us.  And just in time for the family vacation trip, or waiting in line at Disney or Carowinds, or chillin' at home or by the pool ...

Announcing our FREE iPhone Game - Kirby's Catch & Save APP!  Download it now from the iTunes store!

Enjoy your Vacation!

An Entrepreneur's Game
                                                                  

Entrepreneurship can seem simple: take an idea from a twinkle in your eye to a product on the street, pass 'GO,' and collect your $200 (though hopefully there's more revenue than that). Unfortunately, the rules are a little more complicated and there is no instruction manual.

Some claim to have one (How to Start a Business in 10 Days, Two Weeks Notice, 50 First Businesses, The Businessperson's Notebook), but chances are not every spur and hang-up will be addressed in a 200-page book emblazoned with the toothy grin of a self-made person-of-the-week. Having one of these "guidebooks" isn't a prerequisite for success.

Enter Avi Millman, co-founder and CEO of Stray Boots, a mobile gaming company based in New York City. Since 2009, Stray Boots has provided phone-based city tours with SMS starting points, instructions, and clues as players work their way through their personal Amazing Race-style tour.

Inspiration....

 

READ MORE - CLICK HERE!